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 Thursday August 13, 9:16 am Eastern Time

 Company Press Release

 SOURCE: Mark Centers Trust

 RD Capital Acquired Control of Mark
 Centers Trust, Renamed Acadia Realty Trust

 Merger Creates $600 Million REIT

 New Management Arranged $100 Million Cash Infusion and Contributed $265
 Million of Property

NEW YORK, Aug. 13 /PRNewswire/ -- RD Capital, Inc. acquired control of Mark
Centers Trust (NYSE: MCT - news) yesterday following formal approval by MCT's
shareholders of the contribution agreement between the two companies, originally
announced on April 16, 1998. The resulting Real Estate Investment Trust, renamed
Acadia Realty Trust (NYSE: AKR - news), specializes in neighborhood and
community shopping centers and multi-family properties primarily in the Eastern
and Midwestern U.S. Acadia currently has 56 properties totaling in excess of 11
million square feet and a total market capitalization of approximately $600
million.

Acadia Realty Trust ("Acadia"), which has relocated its headquarters to New
York, is headed by a new executive management team consisting of Ross Dworman,
Chairman and Chief Executive Officer, and Kenneth F. Bernstein, President.
Previously, Dworman was President and Chief Executive Officer and Bernstein was
Chief Operating Officer of RD Capital where they worked together for eight years
building an organization, which from 1989-1998 acquired and enhanced the value
of more than 40 properties valued at over $500 million. The new management team
will bring its focus of generating attractive growth through acquisitions,
aggressive leasing and redevelopment of existing assets to Acadia.

According to Dworman, Acadia is poised for growth with a restructured balanced
sheet and an 86% leased portfolio with significant upside. As a result of the
transaction, the company has been repositioned with the addition of $265 million
of high quality assets aand a $100 million cash infusion from RD Capital, $76.6
million of which was used to repay debt. "We have identified several key
opportunities in the portfolio to significantly increase FFO over the next three
years," Dworman said.

"We have a strong institutional investor base which is supportive of Acadia's
strategy and is confident in our ability to implement it in a disciplined
fashion," Bernstein concluded.

Structured as an UPREIT, Acadia is a fully integrated real estate operating
company focused primarily on the acquisition, redevelopment, ownership, and
management of neighborhood and community shopping centers and multi-family
properties in the East and Midwestern regions of the United States.





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Certain items in this press release may constitute forward-looking statements
within the meaning of the Private Litigation Reform Act of 1995 and as such may
involve known and unknown risk, uncertainties and to other factors which may
cause the actual results, performances, or achievements of Acadia to be
materially different from any future results, performances, or achievements
expressed or implied by such forward-looking statements. Such forward-looking
statements speak only as of the date of this press release. Acadia expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in Acadia's expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.



SOURCE: Mark Centers Trust


